Access Capital Services is to acquire the property of Imperial Hotel, following a deal owners of the brand made last week with managers of Access, reliable sources disclosed to Fortune.Managers of Access Capital have been negotiating to acquire the property in order to change Imperial to a resort hotel, with an additional investment of four million dollars, these sources disclosed. Access Capital plans to reduce the 63 rooms down to 45, in order to meet the requirements of a resort hotel, these sources disclosed.
A team of experts from Lebanon were at the hotel a few months ago, conducting valuations, inspections and assessments, eye witnesses told Fortune.
It was following this inspection that Tsegaye Asfaw, general manager of the hotel, and Ermyas Amelga, general manager of Access Capital, signed a Memorandum of Understanding (MoU)in September 2010; they were scheduled to sign the final deal last week but it was postponed due to Ermyas’s departure to the United States (US).
However, both parties have agreed for the hotel to cease its operations on December 1, 2010, and transfer the property to the buyers on December 31, Tsegaye confirmed to Fortune.
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